The whole point of venture capital or R&D is that you don't know what will work, and expect 40 failures for 1 success. She seems to think that the way science progresses is that you iterate on a Phd thesis until it's "Done" and verified and then it becomes applied. But most Phd theses, even though that survive peer review, end up inapplicable, unused, or forgotten. Not everyone publishes a General Relativity paper. A ton of Phd papers are junk, a good number don't even have reproducible results.
The only way to know if someone will be successful is to try it and let it succeed or fail in the marketplace.